Earnings Report /
Thailand

Kerry Express (Thailand): Deep miss for 3Q21

  • Deeply disappointing

  • KEX reported 3Q21 NPAT and core earnings of Bt13m

  • Revenue increased by 19% YoY and 16% QoQ

Kijapat Wongmetta
Kijapat Wongmetta

Equity Research Analyst

Bualuang Securities
11 November 2021

KEX’s long-term outlook is impressive. But there’s no telling when the price warfare between players will end. As such, we maintain our HOLD rating with a YE22 target price of Bt47.

Deeply disappointing

KEX reported 3Q21 NPAT and core earnings of Bt13m, down by 96% YoY and 96% QoQ. Those numbers were deeply short of our estimates and the street numbers, due to a higher cost-of-sales than assumed.